(CTP): Johnson Fistel Investigates the Proposed Sale of Cooper Tire; Are Shareholders Getting a Fair Deal?

SAN DIEGO, Feb. 22, 2021 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Cooper Tire & Rubber Company ("Cooper Tire" or the "Company") (NYSE: CTP) breached their fiduciary duties in connection with the proposed sale of the Company to The Goodyear Tire & Rubber Company (Nasdaq: GT) ("Goodyear").  

On February 22, 2021, Cooper Tire announced that it had entered into a definitive merger agreement with Goodyear. Under the terms of the transaction, Cooper Tire shareholders will receive $41.75 per share in cash and a fixed exchange ratio of 0.907 shares of Goodyear common stock per Cooper Tire share. Based on Goodyear's closing stock price on February 19, 2021, the last trading day before the announcement, the implied cash and stock consideration to be received by Cooper Tire shareholders is $54.36 per share.Cooper Tire shareholders will be subject to the future price fluctuation of Goodyear's stock price. Following the news, in pre-market trading on February 22, 2021, Goodyear stock was trading down over 4%.

The investigation concerns whether the Cooper Tire board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Cooper Tire shares of common stock. Nationally recognized, Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given analysts' projections for future earnings and revenue growth.

If you are a shareholder of Cooper Tire and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.

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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder right
law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Johnson Fistel, LLP
Jim Baker, 619-814-4471

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SOURCE Johnson Fistel, LLP

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